Glycolic Acid Market 2022-2027: The Chemours Company, China Petrochemical Corporation, CABB Group GmbH, Zhonglan Industry Co., Ltd, Water Chemical Co., Ltd

Glycolic acid is a non-toxic water-based solution derived either naturally or synthetically through sugarcane juice, beets, pineapple, milk, apples, and all kinds of citrus fruits or a catalyzed reaction of formaldehyde with synthesis gas, respectively. It can also be derived through other synthetic sources, for instance, monochloroacetic acid. It is highly recommended and preferred in the cosmetic industry and household cleaning applications. It is one of the most widely used alpha hydroxy acids (AHAs) in skincare products. It is available in different purities; the most commonly used purities are 99%, 70%, and 30%.

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The global Glycolic Acid Market size is estimated at USD 327 million in 2022 and is projected to reach USD 450 million by 2027, at a CAGR of 6.6%, between 2022 and 2027. Growth in the glycolic acid market can primarily be attributed to the growing involvement of glycolic acid in the applications such as personal care & dermatology, industrial, and household among others.

A major driver for the glycolic acid market is its increasing demand in the cosmetic industry. The increasing demand for glycolic acid in biodegradable polymer application owing to its non-toxicity and outstanding degradability is acting as a major opportunity for glycolic acid manufacturers. However, skin damage caused by glycolic acid may act as a restraint to the market. The regulations imposed on glycolic acid usage in different end-use applications will have a negative impact on market growth.

"Technical Grade is the largest grade segment of the glycolic acid market"
The technical grade of glycolic acid is a colorless-to-light yellow liquid solution mainly used for manufacturing household, industrial, and electronics cleaners. It is available in a concentration of 70% for applications ranging from automotive oil additives, oil and water well-flow enhancers, and pH control products to chemical intermediates. It is also considered ideal to be used in emulsion polymers, solvents, and additive applications for ink and paint to improve their gloss structure and flow properties. The technical grade of glycolic acid is also highly used in oil & gas, building & construction, coatings, metal surface treatment, electronics manufacturing, polymer manufacturing, dairy processing, and other applications.

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"Personal Care & Dermatology is the largest application of the glycolic acid market"
The personal care & dermatology application segment led the market in terms of both value and volume. Glycolic acid is used in chemical peels, moisturizers, shampoos, and other products. It helps treat and remove dead skin and helps the skin to revitalize and gain its lost moisture, owing to which it is highly preferred in anti-pollution care products nowadays. As the solution is naturally derived, it has no serious side effects, except skin irritation if it is not used with sunscreen creams. Other glycolic acid derivatives such as polyglycolic acid, ammonium glycolate, and sodium glycolate are often used in cosmetic applications. Cosmetic grade glycolic acid is generally used in a ratio of 2-4% with other moisturizing solutions in cosmetic products. The use of technical grade glycolic acid without purification is strictly not recommended owing to some residues such as iron in the solution.

"Asia Pacific is the largest market for glycolic acid market"
The Asia Pacific region is projected to be the largest market, in terms of value. Asia Pacific is also expected to grow at the highest CAGR during the forecast period. Increasing population, improving standards of living, increasing self-care awareness, and rising e-commerce activities have led to increased demand for cosmetic products in this region. China and India are high-growth markets for skincare, haircare, and makeup products, supported by the economic growth of these countries and increased consumer spending on cosmetic products.

The breakdown of primary interviews is given below:
• By Department: Sales/Export/Marketing-60%, Production-25%, and R&D-15%
• By Designation: Managers-50%, CXOs-30%, and Executives -20%
• By Region: APAC-42%, North America-18%, Europe-14%, Middle East & Africa-22%, and South America- 4%

The key players in the glycolic acid market The Chemours Company (US), China Petrochemical Corporation (China), CABB Group GmbH (Germany), Zhonglan Industry Co., Ltd. (China), Water Chemical Co., Ltd (China).

Research Coverage:
The glycolic acid market has been segmented based on purity, grade, application, and region. This report covers the glycolic acid market and forecasts its market size until 2027. It also provides detailed information on company profiles and competitive strategies adopted by the key players to strengthen their position in the glycolic acid market. The report also provides insights into the drivers and restraints in the glycolic acid market along with opportunities and challenges. The report also includes profiles of top manufacturers in the glycolic acid market.

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Reasons to Buy the Report:
The report is expected to help market leaders/new entrants in the following ways:
• This report segments the glycolic acid market and provides the closest approximations of revenue numbers for the overall market and its segments across different verticals and regions.
• This report is expected to help stakeholders understand the pulse of the glycolic acid market and provide information on key market drivers, restraints, challenges, and opportunities influencing the market growth.
• This report is expected to help stakeholders obtain an in-depth understanding of the competitive landscape of the glycolic acid market and gain insights to improve the position of their businesses. The competitive landscape section includes detailed information on strategies, such as merger & acquisitions, new product developments, expansions, and collaborations.

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This release was published on openPR.